Evonik Venture Capital sold its stake in Synoste Oy to Globus Medical. Evonik did not disclose the deal’s financial terms. Synoste is a Finnish start-up that developed a minimally invasive implant for the treatment of leg length discrepancy, pictured above. The implant lengthens the bone gradually over a period of months and is manufactured with polyetheretherketone developed by Evonik.
Globus acquired Synoste in 2Q20 for $23.5 million.
The deal may ultimately bolster Globus’ trauma business and aligns with the company’s strategy of expanding into a full range of musculoskeletal treatment products. We estimate Globus Medical’s trauma segment generated approximately $4 million in revenue for 2019, as the company slowly builds its new business lines. For the first half of 2020, we estimate Globus’s trauma sales totaled $3.2 million, +167% vs. the prior year.
Evonik Venture Capital sold its stake in Synoste Oy to Globus Medical. Evonik did not disclose the deal's financial terms. Synoste is a Finnish start-up that developed a minimally invasive implant for the treatment of leg length discrepancy, pictured above. The implant lengthens the bone gradually over a period of months and is manufactured...
Evonik Venture Capital sold its stake in Synoste Oy to Globus Medical. Evonik did not disclose the deal’s financial terms. Synoste is a Finnish start-up that developed a minimally invasive implant for the treatment of leg length discrepancy, pictured above. The implant lengthens the bone gradually over a period of months and is manufactured with polyetheretherketone developed by Evonik.
Globus acquired Synoste in 2Q20 for $23.5 million.
The deal may ultimately bolster Globus’ trauma business and aligns with the company’s strategy of expanding into a full range of musculoskeletal treatment products. We estimate Globus Medical’s trauma segment generated approximately $4 million in revenue for 2019, as the company slowly builds its new business lines. For the first half of 2020, we estimate Globus’s trauma sales totaled $3.2 million, +167% vs. the prior year.
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Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
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